Word: upon
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Dates: during 1960-1969
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Also out of Bretton Woods came the Washington-based International Monetary Fund, the arbiter of exchange rates. Written into the IMF articles of agreement, and binding upon its 111 member nations, is a proviso that no country may devalue its currency without IMF permission. In practice, the IMF allows devaluation only when economic misfortune (almost always inflation) strips a currency of its hitherto established value. Barring devaluation, every IMF nation must buy, sell or borrow foreign currencies-in practical terms, dollars-in sufficient quantity to keep its own money within 1% of its declared worth...
...inexorably as surf beating upon sand, prolonged payments deficits erode confidence in the value of currencies. France's current difficulties spring from soaring wage rates, the price of quelling last June's student-worker uprising. Whatever their specific cause, enduring payments deficits expose a weakness that political leaders are understandably loath to recognize: lack of economic selfdiscipline...
...receive the National Institute of Social Sciences medal for "distinguished services to humanity," Charles Lindbergh spoke with concern about man's relation to his environment. "In the short period of time after intellect gained domination over instinct," said Lindy, "it has made man the most destructive creature upon earth." Man, Lindbergh complained, now suffers from an "inability to choose the better from the worse in fundamental values." Let us, he pleaded, "agree to preserve some of the natural environment that formed us. It holds the wisdom to which our tyranny of intellect must turn if we are to maintain...
...long anxious months, the 83 in mates of death row at California's San Quentin prison waited for the State Supreme Court to rule upon the appeals of Frederick Saterfield and Robert Page Anderson. Both convicted murderers were challenging the constitutionality of the death penalty, and they could hardly have picked a more promising time or place for their plea. Their lawyers could argue with considerable authority that Western society has come to look upon execution as a cruel and unusual form of punishment. And the California court could be expected to listen sympathetically; it has earned a reputation...
...drawings, watercolors and wash and chalk sketches of great master painters are rarely seen. They fade easily on exposure to light and so are customarily kept in museum storerooms, viewable only upon special appointment. A great pity, as this collection amply illustrates. The 300 selections present a remarkable range of style and subject and a surprising spectrum of soft colors (the chalks and washes) that often show off the sharp eye and skeletal strength of the artist better than works done in larger compass...